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Bitcoin Grabs Investors’ Attention with a Weekly Close Above $69,000, but Concerns Loom Over Its Sustainability
Is a BTC Price Correction on the Horizon?
Bitcoin has continued its rise from the $58,900 level without any correction. However, the rapid price increase suggests that a technical correction may be needed. Experts point out that Bitcoin could find strong support at the $66,000 and $63,000 levels. A drop below these levels could increase fear and uncertainty in the market.
$66,000 Level: Critical Liquidity Zone
The $66,000 level is critical not only from a technical analysis standpoint but also in terms of liquidity. If Bitcoin fails to hold this level, the downward momentum could accelerate, with $63,000 acting as the second support. Investors are advised to be cautious and consider risk management when trading around these levels.
Is There Manipulation in Bitcoin?
Unusual candlestick patterns in the chart structure are being interpreted by some investors as signs of manipulation. Developments in the markets this week will play a major role in determining Bitcoin’s direction. In the current environment of uncertainty, investors should be mindful of sudden price movements.
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